EquityPandit’s Outlook for Nifty Bank for the week (March 06, 2017 – March 10, 2017) :

NIFTY BANK:

Nifty Bank ended the week on negative note losing around 1.80%.

As we have mentioned last week that resistance for the index lies in the zone of 20900 to 21000 where the index had made a life time highs. If the index manages to close above these levels for couple of days then the index can move to the levels of 21500 to 21600. During the week the index manages to hit a high of 20905 and close the week around the levels of 20496.

Support for the index lies in the zone of 20450 to 20500 from where the index broke out of September-2016 highs. If the index manages to close below these levels then the index can drift to the levels of 20000 to 20100 where the index has taken multiple support.

Minor resistance for the index lies in the zone of 20650 to 20700. Resistance for the index lies in the zone of 20900 to 21000 where the index had made a life time highs. If the index manages to close above these levels for couple of days then the index can move to the levels of 21500 to 21600.

Range for the week is seen from 20000 to 20100 on downside and 21000 to 21100 on upside.